Trucks lay idle, companies are closing shop as reports continue to surface on the reduction in cargo volumes at Nigeria’s ports, affecting shipping, manufacturing an retail industries, among many.
According to a may 2009 report from Business Monitor International, Nigeria’s shipping industry entered 2009 in a state of crisis. All shipping sectors were hit hard but dry bulk sector struggled the most with a plunge in November 2008 taking the Baltic Dry Index to a nine-year low. Industry experts continue to predict a slowdown with an estimated 0.1% growth at best during 2009.
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